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Washington (AFP) Dec 29, 2010 A top economist at the state-run China Construction Bank told US officials that the yuan could appreciate by five percent against the dollar next year, according to leaked diplomatic cables. In a report released by WikiLeaks, the bank's chief economist Hwa Erh-cheng also predicted a three percent rise in the value of the yuan against the dollar this year. So far the yuan has risen 3.05 percent. Amidst a fierce back and forth between Beijing and Washington over the value of the Chinese currency -- which the United States says is artificially undervalued, skewing trade -- Hwa said an rapid rise was unlikely. "(Hwa)... agreed that the exchange rate was a 'challenge' for the People's Bank of China (PBOC), and even though the PBOC might be forced to allow appreciation, it would only be incremental because the international environment remained fragile and the export recovery was not strong." "Predicting that the RMB (renminbi, or yuan) would rise about three percent in 2010 and five percent in 2011, Hwa concluded that it was unlikely to be a 'one-shot' change." The cable was sent from the US embassy in Beijing following talks with senior Chinese officials. It also shows China's reluctance to put the currency issue on the official agenda of high-level meetings.
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Wen says China confident of keeping inflation in checkBeijing (AFP) Dec 26, 2010 China is well-placed to tackle inflation and tame runaway house prices, Premier Wen Jiabao said Sunday, while acknowledging that rising costs had made life harder for the poor. Domestic food prices soared this year, driving inflation to rise by 5.1 percent in November, the fastest increase in more than two years and above Beijing's full-year target of three percent, official data showed. ... read more |
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